what the cartoon should sy is “hell we blow two trillion” that is more realistic
Certainly speaks well of the U S A Congress!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Talk about adding fuel to the fire!! American citizens already feel that no one in Washington care one fig about us. Just cozy up to the “big rich guy” who will line their pockets.
At least they didn’t give him any Bailout money……..yet!
The 2008 bank bailout by Bush was the largest corporate welfare handout in history, yet conservatives still whine about welfare. J.P. just completed their bailout repayment with the sale of $936M in warrants. They had accepted $25B from TARO and banks are feverishly tying to pay back the money because they do not want to be under any pay restrictions. READ PAY for Mr. Dimond and others in the banking industry.
Instead of asking Dimon probing questions they all begin to ask his advice.
Hi InsaneJane! I hope you are well.
The reason there was nothing to ask him is that there was nothing to ask him. It’s none of their friggin business. But all the leftist nutjobs out there love a good show trial for their political gains, don’t they? JPM is a private institution that can make or lose money like anyone else. It wasn’t client money they lost. It was their own house money. And it’s not even enough to radically alter their annual results in one year, let alone over a longer term. So while all you leftist nutjobs like to scream and yell, you know you’re just taking the bait from the useful idiots at The Memo who work for the Obozo campaign propaganda machine.
Guess what? A private business is allowed to lose it’s own money! I know you guys on the left dont like any kind of loss, but too bad. Businesses sometimes lose money. There is NO amount of regulation you can put in place, especially regulation written by comparitive dummies like politicians and bureaucrats, that will ever prevent this. Besides, guys like Dimon and other business people laugh at how stupid and moronic the government really is. Politicians and bureacrats are among the absolute most stupid class of human there is… especially the socialists in the DemocRAT party!!!
Have a nice day!
Yeah, there is no reason to worry about JPM. They’ll steal the money back in no time. They will be “doing fine.”
And you have a nice day, too, OMG!
I know it’s the old cliche’s, metro, but there is no reason to believe that any individual who works for a bank is any more or less likely to be a crook than any politician or bureaucrat is. I know you lefties love to beat up on private businesses, especially banks, but there’s no basis in reality for it. But it make you lefties feel good being derogatory about banks. Personally, I dont give a damn about JPM or any other bank except the ones where I put my money.
Have a great weekend, my friend!
Well, there you have it: “any more or less likely to be a crook than any politician or bureaucrat.” I agree. But I believe there is definitely a basis for skepticism about their reliability. By the way I do bank at JPM. By default, after they took over Washington Mutual. I seem to have a knack for picking winners. I definitely don’t feel good about being derogatory about banks. I feel very bad, in fact, that I can’t feel completely positive about them.
I’ll have a great weekend, you do the same, my friend.
metro… that’s funny. My wife and I were just discussing getting our $$ out of Wells Fargo and finding a strong local or regional bank to use. One that lends locally and responsibly, keeps their loans on their own books, and has a bullet proof balance sheet without exposure to any sovereign debt. There are a few of those out there, but not too many.
I’m with you on not feeling good about banks, but I accept the fact that there really isn’t anyway to regulate away risk taking and loss. I accept it as my responsibility to watch where my own money goes. I don’t blindly trust anyone but I dont distrust them either. I just take responsibility for myself. That’s all.
Have a great weekend, my friend. Give my regards to that wonderful bride of yours.
That is some more “house money” and yesterday I read where it may go as high as $7 billion. Whether this is entirely their business remains to be seen as the type of transaction it was makes a difference. Is this a private business?
Hi Insane! uhhhh… yes… last time I looked, JPM is a private business and has profits of about $20B expected this year in a $200B company. It’s really muchado about nothing. Really! Nothing. If anything, their losses are related to bad bets on Euro government’s debt. Any government in debt like Europe’s or even the US is a bad bet. But still, JPM is a private business.
If you really need a boogieman to go after, go after the thief, Jon Corzine for stealing $2B of customer money to cover his bad bets. I’ve been waiting for you Dems to be screaming about this piece of crap, but all I hear is…….. crickets……….crickets…… crickets……….. crickets………. Oh that’s right, he’s a DemocRAT and buddy buddy with Obozo. What was I thinking?
Have a nice day!
Please just go away, you have nothing useful to say. NOTHING!
Except when they privatize profits and socialize losses. Banks are a huge part of Too Big To Fail which is why Bush pushed for TARP in the first place. You think 2008 sucked economically? Watch what happens when giant banks fail and there isn’t enough global money (real cash money) to stop bank runs.
Seriously, you shouldn’t offer opinions when you’re obliviously oblivious to the most basics of Econ.
MoJo… why would giant banks fail? You know so much. Enlighten me.
Did you seriously ask that?
Ok, let me try to explain, and explain how it relates to the article at hand and prior IT’S PRIVATE INDUSTRY, GOV STAY OUT! comments.
Banks used to be separated in taking deposits and playing the market. They had to have X amount if reserve dollars so that they didn’t do what they did to create the situation TARP was supposed to remedy…gamble away their deposits and not have funds to meet depositor withdrawals and lending (which drives economic activity).
With losses like Chase experienced, that could put a major bank into insolvency where the givm’t
MoJo… are you referring to the Glass-Steagall Act that Clinton abolished? That may be to what you refer.
Also, in this case of JPM, the money is clearly NOT client money. It’s house money. Their private money. So why care? If you care so much, why are you NOT screaming and yelling about Jon Corzine stealing $2B in CLIENT MONEY to cover his bad bets? So far, all the leftists at The Memo and in the State controlled media of ABC, CBS, NBC, CNN, HLN, MSLSD, NY Slimes, Wash ComPost, etc. have been loudly proclaiming this issue like……… crickets …………. crickets …………. crickets………..
Wonder why? Hmmmmm????…. let me see…….. could it be that Corzine is big donor and cash bundler for Obozo? Hmmmmmmmm???? Could it be that Obozo actually was going to make him Treasury Secretary? Hmmmmmmmm????
Set that aside and consider the bigger picture……….
In addition…. today, the reason big banks (like Corzine’s MFGlobal) are at considerable risk, especially European Banks, is because those banks hold waaayyyy too much in sovereign debt, that’s right, government debt, that IS NOT getting repaid from bankrupt socialist democracies. Further, much of that sovereign debt is being insured (in banking terms, hedged) and collateralized with derivatives.
We have major financial problems coming and anyone reading this should take heed. The combined national debt of the G10 (the ten largest economies) exceeds $70TRILLION. That’s about 140% of global GDP. The US is by far the largest debtor nation. The debts are held predominantly by the banking system that has been encouraged by the politicians to keep financing their profligate spending on social programs over the decades. As the risk of not being paid begins to grow, these financial institutions try to hedge their bets. Hedging a bet to a financial institution is like buying insurance. This is what is known in common language these days as “derivatives”. There are approximately $700TRILLION in derivatives that are collateralized by that $70TRILLION in sovereign debt.
You see, this is why even a little piss-ant country like Greece with an economy of only $300B is such a worry. You see, the entire global financial system is actually a very large house of cards. Greece is only one of those cards, but like a set of dominoes, once it is tripped, it ripples through the system. Spain and Italy are the next ones to fall. Both of them have very large economies and banks that are far more important to global trade that Greece is. Right now, if you are paying attention to the financial news, and I dont mean the garbage on CNBC, you know that the likelihood of real trouble is greater than the likelihood of smooth resolution.
The only choice the Fed or the European Central Bank have is to create an illusion that everything is OK while in the background bailout after bailout of banks and countries occurs with a crank up of the printing presses. It’s going on right now beneath our noses, and unless you are tuned in, you’re just a sheep going through your daily grind being led to your slaughter.
I haven’t even gotten into the issue of China and how they have been hoarding gold for the past 10+ years. Last month alone they bought 228 tons of gold. They have been waging a currency war on us for some time and our leaders have been letting them get away with it. At some point, since we owe them about $2T, they will get tired of us paying them in increasingly worthless dollars. When that happens, they will announce the convertability of the yuan into some form of backing by gold or a basket of varying precious metals. What do you think happens to the dollar’s status as the world’s reserve currency at that point? It’s GONE! All of the trillions of printed US dollars that currently reside in countries’ national reseves for trade will begin to be returned to us. What do you think happens when all of that currency floods the market? You’re correct if you said massive hyperinflation.
We are at the precipice of a financial calamity. Looking at things objectively, Obozo was not the cause of this, but he certainly has hastened it with his 1930’s mentality of borrow and spend, borrow and spend, as his solution to economic recovery. The problem is that the cure he has prescribed is far worse thant the disease ever could have been. I’m not sure if Romney will be better, frankly, but I do know that Obozo’s ideas have been a massive failure at a time when we can least afford it. Even with Romney, or anyone else short of the courage and leadership of a George Washington or Abe Lincoln, I honestly don’t think it will matter much at this point.
That’s my 2 cents, but then again, as you stated, I dont know anything about economics.
ESPN has posted the scores for the day………. (click on the scoreboard)
Go Bush! It’s good to see GW get some credit.
Always good for a laugh, metro. I hope you are well today.
Here’s another pic for your enjoyment. Obozo’s finally on the currency!